FRIDAY, 12:15pm: The Grizzlies have officially signed Bayless, the team announced today (Twitter link via Ronald Tillery of the Memphis Commercial Appeal).

WEDNESDAY, 8:05am: Ronald Tillery of the Memphis Commercial Appeal confirms (via Twitter) that Bayless' contract will start at $3MM, meaning he'll receive the Grizzlies' mini mid-level exception. The deal is for two years, with a player option for the second year, and is expected to be the last of the team's summer transactions, tweetsTillery.

TUESDAY, 11:21pm: The Grizzlies and Jerryd Bayless have agreed to terms on a contract, reports Marc Stein of ESPN.com (via Twitter). The deal is expected to be finalized later on Wednesday, now that the moratorium has ended, according to Stein.

This morning, we heard Memphis was free-agent shopping with its mid-level exception. However, that exception figured to max out at $3.09MM rather than $5MM, with the team approaching the luxury tax apron. I would guess Bayless will be signing for that full taxpayer mid-level exception.

The Raptors withdrew their $4MM+ qualifying offer to Bayless last week, making him an unrestricted free agent. If the 23-year-old has agreed to sign for the Grizzlies' mini mid-level, it looks like a great deal for Memphis. Bayless was an extremely efficient reserve in 31 games for the Raptors in 2011/12, averaging 11.4 PPG, 3.8 APG, and 17.7 PER in 22.7 MPG while playing both guard positions. For the Grizz, he has the potential to back up Mike Conley at point guard and also replace some of O.J. Mayo's scoring off the bench.

If Memphis does sign Bayless for the full $3.09MM taxpayer MLE, it will mean the team will be limited to filling out its roster with minimum-salary players, unless it can work out a trade.